Tax Planning and Compliance
Contractor accountants are obliged to stay up to date on the latest industry legislation, as well as changes that may be in the pipeline. This means that with KNS Accountants, you never have to worry about missed deadlines or paying fines and penalties. No more expensive surprises when tax time rolls around!
Our accounting and tax services include lodging your BAS and annual income tax return on your behalf. We also provide professional advice on tax strategies to maximise your deductions and ultimately help scale your wealth.
A dedicated contractor accountant understands specifically how they should run their business. With this knowledge behind us, we can provide business advice on how to legally structure the capital of your limited company so that it’s tax-efficient and in line with all relevant regulations. Additionally, we always tailor advice to suit your personal business and circumstances – for example, expenses that can be reimbursed come tax time.
Many contractors have a self-managed super fund (SMSF), and they are responsible for ensuring that it complies with the financial reporting laws for auditing and taxes. If you don’t have one, we can help you set one up, too.
A contractor can certainly manage their own superannuation fund, but it takes a lot of time and effort. So, it can be beneficial to employ the services of an SMSF accountant to ensure your return is lodged correctly.
Our accounting service will help you maximise gains and reduce losses, expenses and tax. Our professional team is always knowledgeable about the latest law developments in the superannuation industry. A response can be implemented quickly if there are any changes to the regulatory environment.
Being a contractor or owning your own business means even more attention needs to be paid to accounting. There are a lot of factors at play, and many of them are out of your control.
For example, let’s assume you’re a contractor building a home, and you buy all the required materials upfront using your business capital. Then, somewhere along the line, your client goes bankrupt. Because you’ll probably only get a small amount in return for what you paid for the materials, you’re at risk of going bankrupt as well, unless you have enough capital.
Contractor accountants can help you balance your cash flow in situations like this. We’ll teach you to match big expenses with considerable revenue, invoice regularly, and receive upfront materials or labour payment. Construction contractors often fail due to bad debts, so we’ll help you manage your cash flow effectively.